Chemicals

Category: Industry Averages Base Ticker: 0746.HK

Methodology: Industry metrics are calculated using the Top 100 companies by revenue within the industry. Values shown represent averages, not aggregates, and are winsorized at the 80/20 percentile to reduce the impact of extreme outliers. All financials are USD-normalized and intended to reflect the core economic structure of the industry.

Industry Enterprise Value

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Stock Price	5.55	9.52	10.50	10.69	12.29	9.66	9.10	9.23	12.35	9.76	9.57	9.38	10.18	8.99	8.13	8.19	5.34	4.24	7.80	3.20	1.91	1.80	1.31	1.56	1.33	1.29	0.92	0.89	0.91	0.64	0.59
Market Capitalization	2,799.98M	2,871.10M	3,079.31M	3,304.36M	3,944.72M	2,756.86M	2,523.91M	2,622.87M	3,069.43M	2,433.95M	2,151.31M	1,541.40M	1,328.20M	1,310.91M	1,118.62M	1,311.12M	918.82M	554.15M	1,011.53M	525.56M	332.04M	326.84M	266.87M	327.73M	392.69M	474.97M	354.44M	341.53M	383.09M	290.29M	255.54M
(-) Cash & Equivalents	518.49M	507.75M	572.18M	618.43M	513.53M	488.17M	332.20M	330.38M	303.20M	228.00M	205.13M	199.78M	178.29M	179.22M	162.57M	118.17M	92.74M	92.32M	75.71M	51.01M	40.42M	34.39M	32.91M	32.02M	30.62M	28.24M	19.48M	15.14M	10.11M	4.69M	4.10M
(+) Total Debt	1,967.49M	1,446.41M	1,355.19M	1,297.74M	1,104.59M	1,144.08M	1,071.11M	888.47M	903.39M	855.86M	721.79M	761.88M	735.42M	595.61M	446.99M	397.74M	347.76M	372.45M	230.06M	162.85M	138.51M	103.84M	86.29M	83.81M	80.59M	77.89M	75.34M	59.51M	49.40M	26.00M	25.42M
Enterprise Value	4,766.80M	4,227.44M	4,715.63M	4,702.67M	5,641.62M	4,033.84M	3,610.87M	3,130.12M	3,847.33M	3,411.88M	2,897.26M	2,209.64M	2,183.85M	2,023.32M	1,689.01M	1,678.91M	1,329.73M	1,018.42M	1,213.43M	718.80M	440.32M	399.98M	339.73M	405.84M	490.22M	565.19M	413.16M	402.15M	426.69M	327.37M	299.62M

Industry Income Statement

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Revenue	3,615.288M	3,509.392M	3,497.899M	3,916.996M	3,360.152M	2,751.870M	2,797.307M	2,782.221M	2,606.779M	2,156.723M	1,985.939M	2,006.645M	1,760.252M	1,775.587M	1,563.820M	1,228.256M	1,014.318M	1,113.810M	826.471M	533.910M	401.244M	313.199M	221.978M	284.593M	268.314M	248.484M	135.494M	119.476M	123.526M	78.983M	73.571M
Cost of Revenue	2,816.145M	2,893.181M	2,868.571M	3,117.605M	2,611.635M	2,177.647M	2,226.921M	2,283.198M	1,975.978M	1,635.276M	1,633.251M	1,673.625M	1,468.906M	1,304.224M	1,095.585M	878.498M	726.108M	852.189M	655.724M	418.848M	293.739M	227.479M	170.769M	191.232M	173.943M	186.533M	107.448M	98.112M	98.358M	59.369M	53.880M
Gross Profit	799.143M	616.211M	629.327M	799.392M	748.516M	574.223M	570.387M	499.023M	630.801M	521.447M	352.688M	333.020M	291.346M	471.363M	468.236M	349.758M	288.210M	261.621M	170.748M	115.063M	107.505M	85.720M	51.209M	93.361M	94.371M	61.951M	28.046M	21.363M	25.167M	19.614M	19.691M
Gross Margin	22.10%	17.56%	17.99%	20.41%	22.28%	20.87%	20.39%	17.94%	24.20%	24.18%	17.76%	16.60%	16.55%	26.55%	29.94%	28.48%	28.41%	23.49%	20.66%	21.55%	26.79%	27.37%	23.07%	32.81%	35.17%	24.93%	20.70%	17.88%	20.37%	24.83%	26.76%
R&D Expenses	44.454M	52.303M	55.230M	52.234M	47.160M	37.880M	32.628M	32.422M	26.788M	20.025M	18.854M	14.319M	12.731M	7.438M	2.041M	1.422M	0.045M	0.008M	0.017M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	256.452M	221.503M	219.285M	254.294M	221.973M	206.738M	212.374M	183.066M	182.096M	174.546M	165.293M	159.418M	148.352M	106.643M	74.121M	62.820M	62.499M	75.420M	62.940M	40.743M	24.186M	22.064M	23.401M	31.007M	14.433M	15.242M	8.746M	7.759M	9.698M	5.315M	6.007M
Operating Expenses	300.907M	273.805M	274.516M	306.529M	269.133M	244.618M	245.002M	215.488M	208.884M	194.571M	184.147M	173.737M	161.083M	114.081M	76.162M	64.242M	62.544M	75.428M	62.957M	40.743M	24.186M	22.064M	23.401M	31.007M	14.433M	15.242M	8.746M	7.759M	9.698M	5.315M	6.007M
Operating Income	498.236M	342.406M	354.812M	492.863M	479.383M	329.605M	325.385M	283.535M	421.917M	326.876M	168.541M	159.282M	130.262M	357.282M	392.074M	285.515M	225.666M	186.194M	107.791M	74.320M	83.319M	63.656M	27.808M	62.354M	79.938M	46.709M	19.300M	13.604M	15.470M	14.299M	13.684M
Operating Margin	13.78%	9.76%	10.14%	12.58%	14.27%	11.98%	11.63%	10.19%	16.19%	15.16%	8.49%	7.94%	7.40%	20.12%	25.07%	23.25%	22.25%	16.72%	13.04%	13.92%	20.77%	20.32%	12.53%	21.91%	29.79%	18.80%	14.24%	11.39%	12.52%	18.10%	18.60%
Interest Income	14.660M	15.511M	16.489M	11.874M	6.644M	6.574M	7.729M	7.611M	6.231M	6.305M	3.994M	3.728M	3.601M	3.832M	3.104M	2.011M	1.521M	2.000M	1.313M	0.582M	0.509M	0.425M	0.358M	0.363M	0.407M	0.474M	0.021M	0.000M	0.068M	0.000M	0.000M
Interest Expense	63.411M	61.026M	51.493M	46.250M	41.654M	45.411M	40.439M	37.210M	36.779M	33.754M	31.241M	33.766M	28.252M	24.176M	20.093M	16.246M	13.906M	18.469M	10.582M	6.719M	4.962M	3.610M	2.769M	3.055M	2.567M	2.549M	1.415M	1.971M	1.642M	1.517M	1.356M
Net Interest Income	-48.751M	-45.515M	-35.004M	-34.376M	-35.010M	-38.837M	-32.710M	-29.599M	-30.548M	-27.450M	-27.247M	-30.038M	-24.651M	-20.344M	-16.990M	-14.235M	-12.385M	-16.469M	-9.269M	-6.136M	-4.453M	-3.185M	-2.411M	-2.692M	-2.161M	-2.075M	-1.394M	-1.971M	-1.574M	-1.517M	-1.356M
Other Income / Expense	-344.303M	-165.232M	-139.381M	-66.313M	34.101M	-141.312M	-127.557M	21.633M	-169.617M	-113.306M	-4.134M	-14.585M	-14.425M	-230.122M	-234.921M	-178.500M	-170.289M	-122.992M	-36.838M	-35.203M	-53.943M	-42.333M	-14.687M	-51.561M	-69.345M	-33.001M	-8.023M	-2.301M	-3.429M	-4.260M	-2.649M
Pre-Tax Income	105.182M	131.658M	180.426M	392.174M	478.474M	149.457M	165.118M	275.569M	221.752M	186.120M	137.160M	114.660M	91.186M	106.816M	140.163M	92.780M	42.992M	46.733M	61.685M	32.980M	24.924M	18.138M	10.710M	8.100M	8.432M	11.633M	9.884M	9.332M	10.467M	8.522M	9.679M
Pre-Tax Margin	2.91%	3.75%	5.16%	10.01%	14.24%	5.43%	5.90%	9.90%	8.51%	8.63%	6.91%	5.71%	5.18%	6.02%	8.96%	7.55%	4.24%	4.20%	7.46%	6.18%	6.21%	5.79%	4.82%	2.85%	3.14%	4.68%	7.29%	7.81%	8.47%	10.79%	13.16%
Income Tax Expense	32.414M	31.418M	37.335M	67.189M	75.949M	31.798M	33.877M	45.895M	38.520M	34.509M	26.157M	26.415M	24.366M	22.874M	27.844M	12.294M	9.832M	12.539M	17.144M	7.675M	7.247M	2.804M	2.954M	2.654M	1.768M	2.596M	1.618M	1.627M	2.186M	1.355M	1.626M
Tax Rate	30.82%	23.86%	20.69%	17.13%	15.87%	21.28%	20.52%	16.65%	17.37%	18.54%	19.07%	23.04%	26.72%	21.41%	19.87%	13.25%	22.87%	26.83%	27.79%	23.27%	29.08%	15.46%	27.58%	32.76%	20.97%	22.32%	16.37%	17.44%	20.88%	15.90%	16.80%
Net Income	72.768M	100.240M	143.092M	324.985M	402.525M	117.660M	131.241M	229.674M	183.232M	151.611M	111.003M	88.245M	66.820M	83.942M	112.319M	80.486M	33.160M	34.194M	44.540M	25.305M	17.677M	15.334M	7.756M	5.447M	6.664M	9.037M	8.266M	7.705M	8.281M	7.167M	8.054M
Net Margin	2.01%	2.86%	4.09%	8.30%	11.98%	4.28%	4.69%	8.26%	7.03%	7.03%	5.59%	4.40%	3.80%	4.73%	7.18%	6.55%	3.27%	3.07%	5.39%	4.74%	4.41%	4.90%	3.49%	1.91%	2.48%	3.64%	6.10%	6.45%	6.70%	9.07%	10.95%
EBIT	498.236M	342.406M	354.812M	492.863M	479.383M	329.605M	325.385M	283.535M	421.917M	326.876M	168.541M	159.282M	130.262M	357.282M	392.074M	285.515M	225.666M	186.194M	107.791M	74.320M	83.319M	63.656M	27.808M	62.354M	79.938M	46.709M	19.300M	13.604M	15.470M	14.299M	13.684M
Depreciation & Amortization	205.395M	230.899M	214.342M	193.415M	184.361M	182.587M	149.751M	132.964M	128.422M	128.356M	110.612M	105.933M	91.785M	85.761M	64.472M	58.452M	53.298M	49.675M	40.188M	24.777M	18.518M	15.180M	10.687M	14.647M	12.888M	15.304M	8.769M	7.014M	1.247M	1.208M	1.902M
EBITDA	703.631M	573.305M	569.154M	686.277M	663.744M	512.193M	475.136M	416.499M	550.339M	455.231M	279.153M	265.215M	222.048M	443.043M	456.545M	343.967M	278.964M	235.869M	147.979M	99.096M	101.837M	78.836M	38.494M	77.000M	92.826M	62.013M	28.069M	20.618M	16.717M	15.507M	15.586M
EBITDA Margin	19.46%	16.34%	16.27%	17.52%	19.75%	18.61%	16.99%	14.97%	21.11%	21.11%	14.06%	13.22%	12.61%	24.95%	29.19%	28.00%	27.50%	21.18%	17.90%	18.56%	25.38%	25.17%	17.34%	27.06%	34.60%	24.96%	20.72%	17.26%	13.53%	19.63%	21.18%
NOPAT	344.694M	260.696M	281.393M	408.424M	403.290M	259.480M	258.627M	236.314M	348.628M	266.268M	136.400M	122.588M	95.455M	280.772M	314.186M	247.681M	174.056M	136.235M	77.832M	57.025M	59.093M	53.815M	20.137M	41.927M	63.175M	36.284M	16.141M	11.232M	12.240M	12.026M	11.386M
NOPAT Margin	9.53%	7.43%	8.04%	10.43%	12.00%	9.43%	9.25%	8.49%	13.37%	12.35%	6.87%	6.11%	5.42%	15.81%	20.09%	20.17%	17.16%	12.23%	9.42%	10.68%	14.73%	17.18%	9.07%	14.73%	23.55%	14.60%	11.91%	9.40%	9.91%	15.23%	15.48%
Owner's Earnings	278.163M	331.139M	357.434M	518.399M	586.886M	300.247M	280.992M	362.638M	311.654M	279.967M	221.616M	194.178M	158.605M	169.703M	176.791M	138.937M	86.458M	83.869M	84.728M	50.082M	36.195M	30.515M	18.442M	20.094M	19.553M	24.341M	17.034M	14.719M	9.529M	8.375M	9.955M
Owner's Earnings Margin	7.69%	9.44%	10.22%	13.23%	17.47%	10.91%	10.05%	13.03%	11.96%	12.98%	11.16%	9.68%	9.01%	9.56%	11.31%	11.31%	8.52%	7.53%	10.25%	9.38%	9.02%	9.74%	8.31%	7.06%	7.29%	9.80%	12.57%	12.32%	7.71%	10.60%	13.53%
EPS	0.07	0.10	0.14	0.32	0.39	0.12	0.13	0.24	0.21	0.18	0.16	0.13	0.12	0.15	0.21	0.16	0.08	0.08	0.12	0.06	0.04	0.04	0.02	0.01	0.01	0.02	0.02	0.02	0.02	0.01	0.02
EPS (Diluted)	0.07	0.10	0.14	0.32	0.39	0.12	0.13	0.24	0.21	0.18	0.16	0.13	0.12	0.15	0.21	0.16	0.08	0.08	0.12	0.06	0.04	0.04	0.02	0.01	0.01	0.02	0.02	0.02	0.02	0.01	0.02
Shares (Diluted)	1,067,286,660	1,049,526,931	1,042,536,077	1,025,174,264	1,039,787,882	981,495,239	978,935,009	940,361,414	884,343,328	835,682,268	713,911,205	655,620,314	572,405,838	543,491,524	539,310,931	489,421,363	414,076,079	432,134,374	386,662,655	429,575,776	409,162,485	423,545,263	418,715,893	446,066,452	488,563,431	501,195,710	501,020,553	495,490,853	511,908,824	515,845,634	511,334,635

Industry Balance Sheet

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Cash & Cash Equivalents	513.48M	507.75M	572.18M	618.43M	517.07M	488.46M	332.20M	330.38M	303.20M	229.82M	206.74M	199.78M	179.65M	179.22M	165.60M	118.96M	92.74M	93.00M	75.71M	51.01M	40.42M	34.68M	32.91M	32.02M	31.73M	29.11M	20.31M	16.46M	10.50M	4.92M	4.38M
Short-Term Investments	77.25M	51.84M	67.17M	51.22M	115.35M	83.14M	83.11M	96.33M	88.96M	49.64M	43.05M	37.50M	34.27M	33.70M	36.98M	24.53M	13.95M	10.17M	6.20M	2.60M	4.14M	4.99M	3.92M	3.90M	1.06M	4.68M	4.24M	5.02M	8.02M	0.40M	0.18M
Cash & Short-Term Investments	590.73M	559.59M	639.35M	669.65M	632.42M	571.59M	415.31M	426.72M	392.16M	279.46M	249.79M	237.27M	213.93M	212.92M	202.58M	143.49M	106.69M	103.18M	81.91M	53.61M	44.56M	39.67M	36.83M	35.92M	32.79M	33.78M	24.55M	21.49M	18.53M	5.31M	4.56M
Net Receivables	609.74M	622.49M	521.10M	645.80M	635.76M	520.78M	453.05M	467.09M	426.15M	350.53M	304.03M	309.93M	289.79M	272.02M	172.10M	140.88M	109.27M	112.88M	104.42M	52.60M	33.58M	27.35M	21.41M	24.28M	27.50M	6.43M	4.67M	5.31M	4.51M	4.59M	4.27M
Inventory	674.81M	627.55M	614.89M	632.43M	489.53M	401.17M	413.31M	397.31M	336.54M	278.93M	270.31M	283.17M	255.71M	256.02M	196.40M	160.39M	126.57M	138.81M	117.89M	71.19M	54.05M	39.97M	27.14M	32.63M	28.07M	31.44M	22.77M	21.17M	20.24M	12.91M	11.56M
Other Current Assets	83.08M	99.02M	130.98M	134.72M	110.35M	105.59M	111.40M	103.28M	104.50M	109.97M	89.05M	84.21M	64.30M	60.74M	48.39M	47.03M	40.38M	34.88M	33.85M	16.53M	10.92M	7.90M	20.51M	20.09M	17.96M	28.17M	26.32M	25.35M	17.58M	14.15M	8.14M
Total Current Assets	1,958.35M	1,908.65M	1,906.33M	2,082.59M	1,868.06M	1,599.14M	1,393.07M	1,394.40M	1,259.35M	1,018.88M	913.18M	914.58M	823.73M	801.71M	619.46M	491.79M	382.91M	389.74M	338.07M	193.93M	143.11M	114.89M	105.89M	112.92M	106.32M	99.82M	78.31M	73.32M	60.86M	36.97M	28.54M
Property, Plant & Equipment	2,608.76M	2,633.34M	2,347.70M	2,218.91M	2,008.79M	1,839.31M	1,710.72M	1,535.78M	1,458.49M	1,435.42M	1,315.47M	1,213.00M	1,085.70M	1,044.92M	754.41M	663.69M	594.17M	527.89M	399.72M	274.95M	221.32M	162.57M	147.44M	158.04M	133.91M	133.56M	115.18M	110.87M	70.47M	48.03M	39.03M
Goodwill	92.38M	113.15M	111.39M	112.78M	108.65M	86.30M	91.17M	76.12M	75.28M	48.93M	45.47M	45.28M	38.74M	29.81M	10.58M	10.28M	5.85M	7.07M	4.39M	1.52M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	271.74M	181.37M	186.19M	206.98M	179.83M	161.55M	126.63M	107.89M	101.49M	85.27M	83.37M	61.05M	52.49M	54.12M	44.91M	34.62M	28.40M	22.26M	16.71M	8.29M	7.76M	5.38M	5.78M	6.46M	4.68M	3.72M	1.74M	2.26M	0.77M	0.32M	0.23M
Long-Term Investments	355.35M	231.45M	274.25M	245.38M	169.22M	136.36M	153.69M	122.46M	120.52M	120.31M	119.63M	99.07M	89.15M	69.69M	57.78M	50.84M	34.92M	29.69M	36.73M	5.16M	6.47M	3.05M	2.28M	5.21M	0.92M	0.61M	0.04M	0.05M	0.00M	0.00M	0.00M
Tax Assets	63.19M	58.58M	50.68M	58.84M	59.71M	44.35M	37.20M	28.62M	26.73M	23.15M	20.65M	19.96M	15.90M	16.86M	10.56M	10.82M	9.31M	8.86M	4.22M	1.69M	1.30M	0.81M	0.82M	1.36M	0.68M	0.04M	0.00M	0.02M	0.00M	0.00M	0.00M
Other Non-Current Assets	116.60M	216.05M	122.28M	158.68M	151.54M	122.74M	102.61M	128.13M	125.12M	98.44M	86.90M	58.12M	61.71M	52.16M	54.27M	43.17M	35.84M	33.02M	25.21M	24.95M	11.62M	7.88M	6.86M	9.80M	6.56M	14.25M	12.68M	8.65M	6.31M	2.44M	1.28M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	3,508.01M	3,433.94M	3,092.50M	3,001.57M	2,677.75M	2,390.61M	2,222.02M	1,999.00M	1,907.63M	1,811.51M	1,671.47M	1,496.48M	1,343.69M	1,267.57M	932.52M	813.41M	708.48M	628.79M	486.97M	316.55M	248.47M	179.69M	163.18M	180.86M	146.75M	152.19M	129.63M	121.85M	77.55M	50.78M	40.54M
Total Assets	5,466.37M	5,342.59M	4,998.82M	5,084.16M	4,545.81M	3,989.74M	3,615.09M	3,393.40M	3,166.98M	2,830.39M	2,584.65M	2,411.06M	2,167.42M	2,069.28M	1,551.98M	1,305.20M	1,091.39M	1,018.53M	825.04M	510.48M	391.58M	294.58M	269.07M	293.78M	253.08M	252.01M	207.95M	195.16M	138.41M	87.76M	69.08M
Accounts Payable	475.91M	581.47M	510.19M	554.11M	486.83M	377.24M	372.55M	375.17M	362.14M	311.82M	261.31M	285.12M	218.93M	193.52M	174.48M	151.83M	112.59M	111.67M	90.62M	45.17M	46.65M	29.80M	23.80M	22.39M	16.78M	13.05M	11.73M	9.97M	8.82M	6.71M	5.47M
Short-Term Debt	651.42M	438.37M	386.74M	382.03M	335.57M	363.64M	332.73M	344.43M	317.78M	269.40M	246.72M	273.58M	244.87M	198.13M	189.57M	159.67M	143.53M	147.37M	110.32M	76.20M	61.17M	56.95M	44.29M	50.61M	37.99M	32.00M	26.98M	23.70M	19.10M	11.02M	9.72M
Tax Payables	1.35M	28.52M	25.40M	50.91M	60.55M	34.99M	25.17M	33.34M	26.73M	22.28M	16.90M	11.37M	8.02M	11.12M	11.52M	7.04M	4.06M	4.09M	3.84M	1.69M	1.78M	1.04M	0.96M	1.09M	0.78M	1.16M	0.91M	1.02M	0.91M	0.81M	0.43M
Deferred Revenue	28.05M	0.00M	9.16M	42.77M	170.81M	124.88M	107.58M	36.37M	97.69M	72.73M	64.29M	54.50M	50.12M	46.39M	37.65M	29.14M	25.64M	23.29M	21.77M	12.36M	7.50M	5.99M	5.85M	8.20M	7.43M	7.47M	7.59M	6.80M	7.50M	6.65M	3.97M
Other Current Liabilities	252.63M	328.67M	261.29M	254.96M	204.48M	157.97M	119.09M	147.22M	132.75M	142.23M	115.36M	120.88M	109.31M	110.91M	80.67M	60.27M	52.84M	48.57M	42.02M	31.38M	20.64M	12.77M	10.05M	7.66M	5.71M	5.78M	5.21M	4.55M	3.52M	1.48M	1.83M
Total Current Liabilities	1,409.35M	1,377.03M	1,192.77M	1,284.78M	1,258.24M	1,058.71M	957.12M	936.53M	937.10M	818.46M	704.58M	745.45M	631.24M	560.08M	493.88M	407.94M	338.67M	334.99M	268.58M	166.81M	137.74M	106.55M	84.96M	89.96M	68.70M	59.47M	52.42M	46.04M	39.85M	26.66M	21.41M
Long-Term Debt	1,062.17M	827.42M	831.87M	821.18M	746.31M	628.15M	537.07M	454.33M	450.52M	406.97M	401.77M	390.57M	332.16M	324.35M	223.86M	216.49M	204.58M	192.61M	123.96M	77.37M	58.57M	44.28M	33.28M	27.84M	31.79M	43.64M	38.85M	38.33M	23.51M	13.75M	10.51M
Capital Lease Obligations	2.75M	82.54M	69.94M	76.69M	64.82M	70.86M	43.89M	5.23M	3.14M	5.19M	3.58M	0.53M	0.73M	0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	63.51M	65.54M	58.41M	73.52M	62.08M	52.90M	49.05M	53.36M	46.59M	39.93M	46.30M	40.40M	35.31M	30.36M	14.50M	11.07M	8.61M	8.26M	12.31M	6.12M	4.84M	0.57M	0.17M	0.09M	0.00M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	103.50M	133.46M	125.65M	116.66M	102.94M	90.24M	70.97M	68.31M	55.55M	57.63M	68.23M	55.09M	47.58M	40.10M	32.68M	19.79M	16.57M	19.11M	20.43M	10.21M	8.01M	6.27M	3.23M	4.18M	1.69M	2.07M	2.92M	1.78M	1.60M	1.17M	1.36M
Total Non-Current Liabilities	1,231.93M	1,108.96M	1,085.87M	1,088.06M	976.16M	842.15M	700.98M	581.23M	555.80M	509.72M	519.88M	486.58M	415.78M	394.87M	271.04M	247.36M	229.77M	219.98M	156.69M	93.69M	71.42M	51.12M	36.67M	32.11M	33.47M	45.73M	41.77M	40.10M	25.12M	14.92M	11.87M
Total Liabilities	2,641.29M	2,485.99M	2,278.64M	2,372.83M	2,234.40M	1,900.86M	1,658.10M	1,517.76M	1,492.90M	1,328.18M	1,224.46M	1,232.03M	1,047.02M	954.94M	764.92M	655.30M	568.44M	554.97M	425.27M	260.50M	209.16M	157.67M	121.63M	122.07M	102.17M	105.20M	94.19M	86.14M	64.96M	41.59M	33.28M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	252.26M	255.15M	252.89M	259.47M	252.03M	246.43M	240.56M	233.42M	230.36M	197.34M	168.98M	149.63M	138.70M	135.00M	115.29M	93.07M	82.58M	76.70M	82.69M	60.43M	45.35M	38.62M	34.17M	37.13M	40.01M	43.68M	36.65M	32.76M	24.56M	18.13M	12.68M
Retained Earnings	1,241.51M	1,478.38M	1,291.47M	1,434.02M	1,223.54M	930.72M	919.74M	857.48M	712.60M	558.99M	479.59M	406.74M	403.89M	388.41M	260.74M	185.10M	139.95M	162.47M	159.63M	82.93M	33.74M	18.92M	13.26M	10.39M	10.84M	15.98M	10.61M	10.83M	7.27M	3.89M	2.27M
Accumulated OCI	439.08M	124.46M	113.65M	126.88M	61.17M	25.78M	63.89M	55.76M	48.86M	56.28M	60.34M	11.01M	-2.36M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	198.73M	186.15M	161.85M	165.46M	124.51M	107.53M	100.63M	88.62M	85.91M	71.04M	71.58M	68.44M	56.89M	53.43M	41.25M	32.29M	28.54M	28.38M	20.52M	9.97M	7.97M	6.59M	4.67M	4.57M	3.76M	2.84M	1.57M	1.45M	0.60M	0.24M	0.20M
Total Shareholders’ Equity	1,932.85M	1,858.00M	1,658.01M	1,820.37M	1,536.74M	1,202.93M	1,224.19M	1,146.66M	991.82M	812.60M	708.91M	567.38M	540.24M	523.42M	376.03M	278.17M	222.53M	239.17M	242.31M	143.37M	79.09M	57.53M	47.43M	47.53M	50.86M	59.65M	47.26M	43.58M	31.83M	22.01M	14.95M
Total Equity	2,131.58M	2,044.15M	1,819.86M	1,985.84M	1,661.25M	1,310.46M	1,324.82M	1,235.27M	1,077.73M	883.64M	780.49M	635.82M	597.14M	576.84M	417.28M	310.46M	251.07M	267.55M	262.84M	153.34M	87.05M	64.12M	52.09M	52.10M	54.62M	62.49M	48.83M	45.04M	32.43M	22.25M	15.14M
Total Liabilities & Equity	4,772.87M	4,530.14M	4,098.50M	4,358.67M	3,895.65M	3,211.31M	2,982.92M	2,753.03M	2,570.63M	2,211.81M	2,004.95M	1,867.85M	1,644.16M	1,531.79M	1,182.20M	965.76M	819.50M	822.52M	688.11M	413.83M	296.21M	221.79M	173.73M	174.16M	156.79M	167.69M	143.02M	131.18M	97.39M	63.84M	48.42M
Tangible Assets	5,102.26M	5,048.07M	4,701.24M	4,764.40M	4,257.32M	3,741.89M	3,397.29M	3,209.39M	2,990.21M	2,696.19M	2,455.82M	2,304.73M	2,076.19M	1,985.34M	1,496.48M	1,260.30M	1,057.15M	989.20M	803.95M	500.67M	383.82M	289.20M	263.29M	287.32M	248.40M	248.28M	206.21M	192.91M	137.64M	87.44M	68.86M
Tangible Equity	1,767.47M	1,749.63M	1,522.28M	1,666.08M	1,372.76M	1,062.61M	1,107.02M	1,051.26M	900.97M	749.44M	651.66M	529.49M	505.91M	492.91M	361.79M	265.56M	216.83M	238.22M	241.74M	143.52M	79.30M	58.74M	46.31M	45.64M	49.94M	58.77M	47.09M	42.78M	31.65M	21.93M	14.91M
Tangible Book Value	1,767.47M	1,749.63M	1,522.28M	1,666.08M	1,372.76M	1,062.61M	1,107.02M	1,051.26M	900.97M	749.44M	651.66M	529.49M	505.91M	492.91M	361.79M	265.56M	216.83M	238.22M	241.74M	143.52M	79.30M	58.74M	46.31M	45.64M	49.94M	58.77M	47.09M	42.78M	31.65M	21.93M	14.91M
Total Investments	394.39M	296.41M	356.07M	348.48M	286.37M	209.77M	212.18M	200.76M	193.43M	154.94M	153.38M	133.62M	116.13M	98.83M	85.61M	77.51M	66.44M	60.47M	65.35M	22.74M	17.25M	9.43M	9.47M	16.17M	7.15M	9.98M	5.21M	4.08M	0.85M	0.41M	0.30M
Net Debt	1,200.10M	758.04M	646.43M	584.79M	564.82M	503.33M	537.59M	468.38M	465.10M	446.55M	441.75M	464.37M	397.37M	343.26M	247.84M	257.20M	255.37M	246.97M	158.57M	102.56M	79.33M	66.55M	44.66M	46.42M	38.05M	46.54M	45.52M	45.57M	32.11M	19.85M	15.85M

Industry Capital

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Working Capital	189.40M	369.63M	514.10M	850.11M	836.48M	606.61M	511.57M	455.39M	330.40M	338.90M	226.18M	200.38M	209.61M	203.80M	158.11M	83.40M	34.74M	116.78M	98.18M	56.85M	17.51M	33.38M	25.85M	45.95M	44.88M	69.46M	47.37M	49.11M	12.64M	7.08M	3.54M
Total Capital	4,390.96M	4,095.21M	3,857.16M	3,908.89M	3,322.80M	3,005.46M	2,754.18M	2,443.91M	2,287.53M	1,977.84M	1,715.71M	1,628.11M	1,577.73M	1,424.18M	1,176.10M	972.21M	778.11M	787.70M	639.79M	415.27M	346.38M	265.43M	229.25M	241.57M	239.46M	227.67M	202.24M	188.28M	130.15M	70.06M	60.60M
Capital Employed	4,060.44M	4,591.85M	4,293.60M	4,194.70M	3,809.51M	3,335.71M	3,087.77M	2,659.91M	2,558.95M	2,038.69M	1,912.79M	1,842.17M	1,726.73M	1,634.73M	1,218.50M	974.01M	872.35M	902.28M	666.70M	365.66M	298.90M	220.74M	203.26M	276.44M	282.03M	266.44M	195.43M	168.63M	111.77M	55.42M	48.80M
Invested Capital	3,877.48M	3,587.46M	3,284.98M	3,290.46M	2,805.73M	2,517.00M	2,421.97M	2,113.52M	1,984.33M	1,748.02M	1,508.97M	1,428.33M	1,398.08M	1,244.96M	1,010.50M	853.24M	685.37M	694.70M	564.08M	364.26M	305.96M	230.75M	196.34M	209.55M	207.73M	198.56M	181.92M	171.82M	119.65M	65.14M	56.22M

Industry Cash Flow Statement

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Depreciation & Amortization	119.40M	232.91M	222.21M	198.67M	186.41M	180.85M	154.74M	134.79M	126.39M	129.28M	117.24M	97.49M	87.61M	86.89M	54.59M	54.21M	53.32M	49.67M	39.35M	24.67M	18.63M	13.01M	9.84M	14.99M	16.30M	16.16M	11.62M	13.26M	169.45M	96.93M	45.38M
Deferred Income Tax	0.00M	0.00M	-0.01M	-0.59M	0.17M	-0.43M	-1.04M	-0.40M	-0.66M	-0.10M	-0.13M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.28M	7.85M	2.44M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.55M	0.05M	0.05M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-30.00M	-38.94M	-40.70M	-141.77M	-110.87M	-19.96M	-15.34M	-64.10M	-61.39M	-29.20M	-2.48M	-23.09M	-26.10M	-36.07M	-33.25M	-29.50M	10.59M	-16.91M	-16.76M	-9.05M	-1.40M	-8.98M	-3.24M	2.17M	-2.71M	-8.01M	-5.09M	-13.72M	4.49M	-0.15M	-3.05M
Accounts Receivable	-15.06M	-14.86M	-3.67M	-43.03M	-98.46M	-17.37M	8.81M	-19.85M	-54.66M	-26.19M	-2.94M	-2.27M	-11.92M	-4.89M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-2.95M	-16.56M	-0.75M	-83.72M	-90.41M	15.33M	-2.06M	-43.66M	-24.34M	3.98M	6.90M	-12.78M	-3.51M	-26.02M	-21.19M	-16.20M	9.89M	-11.45M	-9.58M	-5.00M	-4.31M	-7.75M	-1.50M	-0.02M	-1.52M	-4.06M	-0.52M	-1.40M	-15.29M	8.24M	-8.15M
Accounts Payable	-0.87M	-6.21M	-18.59M	21.45M	89.74M	5.02M	-2.51M	19.24M	23.11M	12.39M	-9.91M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-2.75M	-8.13M	-4.11M	-14.92M	6.23M	-0.27M	-10.26M	-27.82M	-19.13M	-20.73M	-14.99M	-2.19M	-17.17M	-16.43M	-13.70M	-11.04M	-2.39M	-0.28M	-7.96M	-3.14M	3.03M	-1.03M	-1.47M	2.22M	-0.67M	-1.87M	-4.64M	-8.13M	17.18M	3.35M	5.10M
Other Non-Cash Items	128.10M	89.10M	40.16M	35.18M	28.44M	40.00M	26.92M	26.87M	17.17M	20.66M	25.08M	25.89M	19.04M	12.56M	8.66M	4.31M	2.77M	7.60M	0.49M	4.53M	3.79M	4.73M	4.37M	2.27M	3.37M	1.41M	0.24M	0.96M	23.55M	7.79M	24.01M
Net Cash from Operating Activities	300.03M	399.85M	343.41M	407.79M	464.62M	342.81M	281.76M	325.18M	271.68M	262.63M	231.77M	199.85M	152.85M	122.10M	162.60M	114.96M	107.95M	66.09M	75.58M	46.07M	45.35M	23.19M	20.15M	27.98M	21.47M	21.74M	17.57M	11.79M	286.82M	181.36M	141.94M
Capital Expenditures (PPE)	-275.45M	-293.66M	-338.92M	-319.41M	-235.71M	-189.19M	-194.43M	-170.41M	-155.44M	-133.56M	-167.28M	-133.47M	-129.70M	-155.47M	-112.94M	-92.32M	-76.48M	-117.23M	-80.80M	-45.02M	-39.75M	-31.71M	-20.55M	-21.55M	-29.33M	-20.18M	-13.68M	-19.84M	-240.98M	-73.44M	-82.23M
Acquisitions (Net)	1.11M	-0.32M	-1.50M	-0.26M	-0.61M	1.49M	-1.43M	-3.20M	-3.95M	-2.85M	-7.29M	-2.12M	-1.19M	-4.21M	-0.48M	0.40M	0.68M	-2.99M	-0.44M	0.67M	1.38M	1.64M	0.39M	0.43M	2.17M	0.28M	0.03M	0.20M	0.00M	0.00M	0.00M
Purchases of Investments	-48.09M	-45.26M	-58.43M	-82.45M	-90.31M	-78.32M	-74.16M	-89.01M	-40.61M	-32.14M	-34.59M	-31.36M	-21.21M	-15.17M	-17.35M	-16.73M	-15.18M	-12.80M	-9.65M	-3.31M	-1.83M	-1.56M	-1.34M	-2.95M	-4.32M	-4.95M	-1.13M	-2.26M	-5.43M	-14.42M	-29.26M
Sales / Maturities of Investments	39.01M	72.22M	62.46M	93.60M	69.94M	63.66M	65.51M	60.27M	32.04M	23.17M	24.19M	18.14M	16.56M	23.68M	18.12M	16.09M	11.99M	8.33M	6.66M	1.94M	1.82M	1.13M	0.90M	1.50M	5.49M	1.31M	1.67M	0.85M	3.53M	39.74M	29.84M
Other Investing Activities	3.25M	5.95M	-3.79M	5.35M	4.91M	6.99M	7.12M	1.38M	4.11M	2.13M	4.73M	4.30M	1.88M	-0.75M	2.05M	-0.70M	-0.20M	1.55M	0.24M	-1.65M	-2.09M	-2.99M	-0.71M	-2.01M	-1.03M	-2.87M	-1.01M	-4.81M	-25.06M	48.09M	-15.94M
Net Cash from Investing Activities	-282.35M	-294.48M	-391.50M	-329.79M	-305.19M	-188.66M	-268.29M	-188.17M	-169.14M	-136.19M	-236.94M	-149.05M	-148.84M	-163.42M	-116.47M	-93.92M	-87.93M	-138.44M	-83.22M	-49.39M	-39.70M	-33.85M	-24.00M	-25.92M	-25.07M	-22.16M	-15.65M	-18.78M	-259.17M	-48.98M	-97.59M
Net Debt Issuance	33.28M	52.80M	58.13M	93.98M	-22.60M	30.10M	18.88M	-30.15M	-19.48M	-34.13M	-30.21M	5.01M	40.92M	46.08M	13.57M	1.17M	17.48M	49.79M	24.54M	4.54M	2.00M	7.07M	6.73M	4.46M	4.46M	-0.45M	2.79M	6.03M	61.79M	2.46M	9.70M
Long-Term Debt Issuance	40.48M	65.55M	56.07M	62.21M	-17.84M	44.09M	30.39M	-23.07M	-4.10M	-30.76M	-5.79M	26.86M	43.54M	43.39M	16.48M	13.42M	38.15M	47.70M	24.81M	4.67M	3.62M	11.71M	7.01M	3.82M	3.53M	-0.45M	4.76M	6.03M	-5.01M	1.98M	9.70M
Short-Term Debt Issuance	-19.38M	-0.57M	-2.58M	4.46M	-5.90M	-4.59M	-1.48M	-0.51M	-3.46M	-1.65M	-2.44M	-0.70M	0.00M	0.00M	-1.28M	-4.60M	0.15M	3.68M	-0.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	18.99M	0.48M	0.00M
Net Stock Issuance	-0.90M	-7.37M	-1.45M	-1.92M	-0.06M	-0.75M	-0.67M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M	-0.19M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-7.73M	1.04M	-13.65M
Common Stock Issuance	0.00M	0.00M	0.00M	0.14M	1.32M	0.03M	0.00M	0.00M	0.00M	0.01M	0.04M	0.05M	0.00M	0.01M	0.16M	0.07M	0.00M	0.36M	0.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.04M	1.32M	2.19M
Common Stock Repurchased	-1.34M	-9.32M	-3.90M	-7.19M	-0.88M	-1.16M	-1.49M	-0.08M	-0.01M	-0.01M	-0.04M	-0.08M	0.00M	-0.01M	-0.02M	0.00M	0.00M	-0.61M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-7.39M	-0.07M	-15.84M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-45.73M	-81.90M	-90.17M	-97.83M	-81.21M	-58.44M	-70.61M	-91.12M	-65.80M	-54.47M	-45.48M	-44.55M	-39.24M	-38.43M	-22.99M	-17.73M	-17.10M	-19.75M	-15.24M	-11.62M	-9.93M	-7.21M	-6.04M	-7.13M	-7.34M	-5.24M	-5.12M	-6.09M	-17.30M	-9.85M	-7.56M
Common Dividends Paid	-45.54M	-81.90M	-90.52M	-107.49M	-86.53M	-68.33M	-81.66M	-87.99M	-61.64M	-49.17M	-42.50M	-40.20M	-32.64M	-36.01M	-22.06M	-17.51M	-17.77M	-20.32M	-14.00M	-10.13M	-9.04M	-6.04M	-6.06M	-7.13M	-7.34M	-5.24M	-5.12M	-6.09M	-18.18M	-9.85M	-7.56M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-56.68M	-38.41M	-37.03M	-26.87M	-22.45M	-9.54M	-15.03M	-19.56M	-4.65M	-5.95M	3.10M	-10.44M	-13.28M	-3.21M	-8.00M	1.15M	0.05M	-1.02M	4.47M	2.29M	0.42M	0.80M	0.98M	0.27M	1.36M	6.52M	1.05M	5.87M	8.47M	0.51M	8.38M
Net Cash from Financing Activities	-50.06M	-95.69M	-70.85M	-47.33M	-118.61M	-51.37M	-71.61M	-116.87M	-84.00M	-91.10M	-60.23M	-30.62M	-7.56M	7.65M	-4.11M	-3.25M	-11.77M	42.49M	18.19M	-1.75M	-3.40M	6.53M	5.91M	0.03M	1.98M	5.03M	2.07M	12.10M	24.20M	-23.82M	-3.12M
Effect of FX on Cash	3.38M	2.67M	1.25M	2.10M	0.85M	-2.54M	-0.06M	0.65M	-2.79M	-0.12M	0.38M	0.79M	-0.03M	-0.36M	-0.30M	-0.04M	-0.12M	-0.24M	0.07M	-0.02M	0.07M	-0.01M	0.00M	0.01M	0.00M	0.00M	0.00M	0.00M	-12.02M	-2.82M	-45.65M
Net Change in Cash	14.36M	-20.33M	-9.49M	65.77M	56.65M	79.00M	-5.11M	0.39M	39.63M	25.66M	11.54M	5.93M	5.91M	0.40M	31.57M	9.21M	13.71M	9.98M	12.40M	6.05M	0.95M	1.24M	1.93M	-1.65M	5.49M	2.12M	3.19M	-2.06M	-4.27M	42.75M	-4.42M
Cash at Beginning of Period	429.62M	529.02M	500.97M	488.44M	446.62M	304.45M	310.30M	281.22M	247.73M	185.52M	193.76M	169.01M	166.11M	149.27M	124.39M	87.31M	80.53M	73.14M	58.34M	44.65M	34.94M	31.06M	27.78M	35.93M	28.73M	23.61M	19.16M	24.19M	297.92M	292.92M	93.19M
Cash at End of Period	514.49M	507.81M	513.50M	553.87M	492.76M	449.06M	300.33M	294.52M	282.48M	218.86M	191.56M	172.19M	159.68M	167.70M	149.47M	112.69M	86.19M	81.86M	74.20M	51.35M	40.54M	35.44M	35.58M	33.72M	38.94M	30.47M	23.48M	22.51M	278.53M	338.63M	88.77M
Operating Cash Flow	308.81M	398.26M	343.41M	407.76M	464.62M	342.81M	281.76M	325.18M	271.68M	262.63M	231.77M	199.85M	152.85M	122.10M	162.60M	114.96M	107.95M	66.09M	75.58M	46.07M	45.35M	23.19M	20.15M	27.98M	21.47M	21.74M	17.57M	11.79M	286.82M	181.36M	141.94M
Capital Expenditure	-288.62M	-313.82M	-349.03M	-331.59M	-236.27M	-206.45M	-210.68M	-183.67M	-161.25M	-138.49M	-167.55M	-133.70M	-129.70M	-156.02M	-112.94M	-92.44M	-76.48M	-117.25M	-80.80M	-45.01M	-39.53M	-31.71M	-20.55M	-21.55M	-29.33M	-20.18M	-13.68M	-19.84M	-240.98M	-73.44M	-82.23M
Free Cash Flow	54.20M	68.68M	56.53M	126.11M	225.49M	126.73M	91.28M	154.34M	133.90M	135.19M	98.78M	44.80M	26.29M	-8.51M	56.14M	31.81M	26.84M	-18.21M	-3.74M	4.61M	2.95M	-2.87M	-0.72M	2.46M	-4.40M	4.90M	4.30M	-10.06M	43.16M	29.68M	59.71M

Industry Free Cash Flow

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
EBITDA	389.49M	392.62M	429.87M	642.07M	698.54M	362.93M	364.74M	423.72M	384.69M	347.36M	287.52M	224.76M	205.54M	212.51M	242.35M	176.98M	130.05M	116.66M	135.68M	68.99M	51.45M	38.67M	25.21M	33.10M	23.89M	34.79M	17.64M	16.81M	12.90M	11.92M	11.87M
(-) Tax Adjustment	120.03M	93.69M	88.95M	110.00M	110.88M	77.21M	74.83M	70.57M	66.82M	64.41M	54.83M	51.78M	54.92M	45.51M	48.14M	23.45M	29.74M	31.30M	37.71M	16.05M	14.96M	5.98M	6.95M	10.84M	5.01M	7.77M	2.89M	2.93M	2.69M	1.89M	1.99M
(-) Change In Working Capital	-30.00M	-38.94M	-40.70M	-141.77M	-110.87M	-19.96M	-15.34M	-64.10M	-61.39M	-29.20M	-2.48M	-23.09M	-26.10M	-36.07M	-33.25M	-29.50M	10.59M	-16.91M	-16.76M	-9.05M	-1.40M	-8.98M	-3.24M	2.17M	-2.71M	-8.01M	-5.09M	-13.72M	4.49M	-0.15M	-3.05M
(-) Capital Expenditure	288.62M	313.82M	349.03M	331.59M	236.27M	206.45M	210.68M	183.67M	161.25M	138.49M	167.55M	133.70M	129.70M	156.02M	112.94M	92.44M	76.48M	117.25M	80.80M	45.01M	39.53M	31.71M	20.55M	21.55M	29.33M	20.18M	13.68M	19.84M	240.98M	73.44M	82.23M
Unlevered Free Cash Flow	10.85M	24.05M	32.59M	342.25M	462.25M	99.22M	94.57M	233.59M	218.01M	173.66M	67.62M	62.37M	47.02M	47.05M	114.51M	90.59M	13.24M	-14.98M	33.93M	16.98M	-1.63M	9.96M	0.94M	-1.46M	-7.74M	14.86M	6.16M	7.76M	-235.27M	-63.27M	-69.30M
(-) Net Interest Income After Taxes	-33.73M	-34.65M	-27.76M	-28.49M	-29.45M	-30.57M	-26.00M	-24.67M	-25.24M	-22.36M	-22.05M	-23.12M	-18.06M	-15.99M	-13.61M	-12.35M	-9.55M	-12.05M	-6.69M	-4.71M	-3.16M	-2.69M	-1.75M	-1.81M	-1.71M	-1.61M	-1.17M	-1.63M	-1.25M	-1.28M	-1.13M
Net Debt Issuance	33.28M	52.80M	58.13M	93.98M	-22.60M	30.10M	18.88M	-30.15M	-19.48M	-34.13M	-30.21M	5.01M	40.92M	46.08M	13.57M	1.17M	17.48M	49.79M	24.54M	4.54M	2.00M	7.07M	6.73M	4.46M	4.46M	-0.45M	2.79M	6.03M	61.79M	2.46M	9.70M
Levered Free Cash Flow	77.85M	111.50M	118.48M	464.72M	469.11M	159.90M	139.45M	228.10M	223.78M	161.89M	59.46M	90.50M	106.00M	109.11M	141.69M	104.11M	40.27M	46.86M	65.16M	26.23M	3.52M	19.73M	9.42M	4.81M	-1.58M	16.02M	10.11M	15.41M	-172.23M	-59.53M	-58.47M